Saving for my grandchild

Wannabe_free

Hi there, I am a young GLAMMA, at least in my had 😆 I have a little grandson who is 11 months old. I want to save for him but I am all confused after reading so many things.

I saved £600 so far, the money is sitting  in my safe and earning nothing at the moment. I can save between £50 to £100 max per month. 

I don't  want his parents to access to this money. I don't want him to access to this money until he is at least 18 although I prefer 22. 

What is the best way to go on about this please? 

Thanks

jimjames

A junior ISA would do that but give access at 18. Based on his age it would be better to use investments rather than cash savings as it will give a better chance of beating inflation and being a meaningful sum at 18.

AnotherJoe

I suggest you invest rather than save, the money in an ISA in your name.
that way it's in your control, his parents can't access it and you can give it to him or some of it, at any age(s) you want. Make a specific mention of this isa in your will, that's it's to be left to him. Hopefully as you are a glamma this won't ever be needed but you never know.

If you have further grandchildren you can add to it or split however you want. 

Investing will produce far larger returns than saving over a 20 year period

if you are unsure what to invest in ask here or maybe I'll update this later with my suggestion 

here we go ISA with two funds 
50%  Vanguard FTSE Global All Cap

50%  Vanguard Global Small Cap

steampowered

You could consider keeping the money in your own name, in a separate account. You can gift the money to him when he is old enough. That way you can keep control of the money until he is 22.

You could do this in a regular stocks & shares ISA.

The only problem with doing this is that, if the worst was to happen and you were to pass away, the S&S ISA would be distributed in accordance with your will. If you are doing a will you would want it to say that the stocks & shares ISA goes to your grandson.

Westlondoner99

You can only contribute to one stocks & shares ISA in any year, so if you follow this advice you are giving up the chance to have one yourself.   (This is why the JISA was invented.)  You could earmark a particular fund within the ISA for your grandchild.